Harare — THE Zimbabwe Stock Exchange has started overhauling its listing requirements to make them compliant with changing trends in the financial sector.

ZSE chief executive, Mr Emmanuel Munyukwi said the overhaul started early this month. He however could not be drawn into indicating when the process would be completed.

"It is a long difficult process, it will certainly take us some time so I cannot give you a definite timeframe," he said. The overhauling of the listing requirements has been on the cards since last year.

The listing requirements were last revised in 2006 although there has been intermittent changes made to the requirements since then. There have been calls in recent months for the ZSE to review its listing requirements by relaxing some requirements to enable more companies to list on the local bourse.

Under the present listing requirements, ZSE wants audited earnings forecast and annual reports and a satisfactory profit history. At least 30 percent of the company's issued shares will have to be in the hands of the public or as agreed with the executive committee on the ZSE.

A company seeking a listing on ZSE must prepare and submit a prospectus containing the same information as submitted to the registrar upon incorporation with certain additional details.

This prospectus must be published in a local newspaper and made available to investors through sponsoring brokers.

In 1998, ZSE rewrote its listing requirements based on those of the Johannesburg and the London Stock exchanges.